Shriram Transport's stock tumbles ~1.5% as board to consider fund raise

29 Mar 2022 , 12:13 PM

Shriram Transport Finance Company Limited will consider raising funds by way of issue of redeemable non-convertible debt securities including bonds in the onshore/offshore market on a private placement basis and/or public issue subject to market conditions and in this regard, the meeting(s) of the concerned committees viz. the Banking and Finance Committee, Debt Issuance Committee and Allotment Committee — NCDs, will be held.

The board informed that a meeting will be held to consider and approve the issue and allotment of redeemable non-convertible debt securities/bonds during the month ending April 30, 2022, as per their respective terms of reference, subject to such terms and conditions including the issue price of debt securities/ bonds, as the said committees may deem fit.

Post this development, Shriram Transport’s stock plunged 1.25% so far in the day at Rs1,101.60 against its previous close of Rs1,115.55 on NSE. Its counter hit intraday high and low of Rs1,127 and Rs1,099 respectively.